How is the return on a savings account worked out?

A rate is quoted for a full year. The return for a shorter period is the matching part of it: the balance, times the annual rate, times the share of the year the money was held.

What is the difference between interest and profit?

A conventional account pays interest at a rate set in advance. An Islamic account pays profit, your share of what the bank earns on your money, expressed as a yearly rate so the two can be compared.

Why does a larger balance sometimes earn a different rate?

Some accounts pay by balance band. On some, the band your balance reaches sets the rate for all of it. On others, each rate applies only to the part of the balance inside its band, so the overall rate is a blend.

Savings and deposit return calculator

Enter an amount, an annual rate and how long the money stays put to see what it earns. Account pages run the same sum with each account's own rates.

Balance

Annual rate

% / year

Held for

1 year

The amount and the rate stay the same for the whole period, and the return is paid out, not added to the balance.

AED 1,500

return over 1 year

3%

a year

return earned over time

The amount and the rate are held constant, and the return is paid out, not added to the balance. An Islamic account pays profit, which the bank declares for each period.

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